07 March 2012
Can a company treat sales in its books although he has not raised any invoice yet to the customer but the goods has been delivered and advance payment is recd.
In other way goods delivered but not invoiced can be treated as sales ?
08 March 2012
You cannot recognise a sale in your books without raising Invoice. In your case it is a bad practice and the same will be objected by auditors.
Please refer Accounting Standard (AS) 9 Revenue Recognition...
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